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Bitcoin, Around $51K, Nears Upper Bound of 3-Year Price Trend
Upward-sloping price channel starting in late 2017 on weekly chart shows near-term resistance around $60,000.
Автор Damanick Dantes
Bitcoin's bull run over the past year may be showing signs of exhaustion as it pushes toward the upper bound of a three-year price channel, an analysis of chart patterns shows.
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The largest cryptocurrency by market value was changing hands around $51,000 as of 16:41 coordinated universal time (11:41 a.m. ET). Bitcoin (BTC) is up 75% for the year to date.
- Upward price channel from 2017's high shows possible resistance for BTC around $60,000, which could cap upside.
- A flattening of the 50-week volume weighted moving average (VWMA) would indicate a slowing long-term uptrend, similar to 2018. For now, that 50-week VWMA is climbing, currently around $22,000.
- Traders should watch for a break below the 50-day volume weighted moving average to confirm a shift in trend.
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XRP slumps as bitcoin once again falls back to $85,000 level after surge
Crypto markets swung sharply Thursday following a softer-than-expected U.S. CPI print, which briefly lifted bitcoin above $89,000 during U.S. hours.
Що варто знати:
- XRP declined 1.2% amid high trading volume, indicating significant market activity despite price struggles.
- The cryptocurrency remains under pressure, failing to surpass the critical $2.00 level, which is seen as a key inflection point.
- Elevated trading volume without sustained price gains suggests distribution rather than panic-driven selling.
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